Smith buys and sells securities. On December 15, 2018, Smith purchased $507,000 of Jones shares and elected the fair value option to account for the Jones investment. As of December 31, 2018, the Jones shares had a fair value of $606,000. In the 2018 financial statements, Smith will report (ignore taxes):
(A) Other comprehensive income of $99,000.
(B) An investment in Jones of $507,000.
(C) Accumulated other comprehensive income of $606,000.
(D) Investment income of $99,000 in its income statement.
Answers (1)
Know the Answer?
Not Sure About the Answer?
Find an answer to your question 👍 “Smith buys and sells securities. On December 15, 2018, Smith purchased $507,000 of Jones shares and elected the fair value option to ...” in 📗 Business if the answers seem to be not correct or there’s no answer. Try a smart search to find answers to similar questions.
Search for Other Answers
You Might be Interested in
LO 8.5Identify several causes of a favorable material quantity variance.
Answers (1)
Spokes Bicycles is looking to change up its promotional strategy and focus on its relationships with customers. Which of the following is required for Spokes to build meaningful relationships with its customers? a.
Answers (1)
Assets and liabilities of a company are $150,000 and $30,000, respectively. Determine owner's equity using the accounting equation.
Answers (1)
Writing number 55561230 555612300 write the number in expanded form
Answers (1)
Which of the following is an incorrect way to avoid struck-by rolling hazards? A. Position a worker to signal you when operating a vehicle in reverse gear without audible forward alarm B.
Answers (1)
New Questions in Business
Country A has a population of 1,000, of whom 800 work 8 hours a day to make 128,000 final goods. Country B has a population of 2,000, of whom 1,800 work 6 hours a day to make 270,000 final goods. a.
Answers (1)
Thirty-two new employees from Market Enterprises are attending orientation, receiving information about company policies, and filling out various forms. These employees comprise a group. 1. True2. False
Answers (1)
Which of the following statements is true? a. The required return on a firm's common stock is, in theory, determined solely by its market risk.
Answers (1)
Jack is preparing for a party and makes potato salad, but he does not realize that the salad contains one escherichia coli bacterium. he accidentally leaves the salad out of the refrigerator for 2 hours. if e.
Answers (1)
You feel that you will need $2.8 million in your retirement account and when you reach that amount, you plan to retire. You feel you can earn an APR of 10.8 percent compounded monthly and plan to save $395 per month until you reach your goal.
Answers (1)